Generic Sevco / Rangers meltdown thread

[PatHead]

Ticketus released a fresh statement today. Doesn't say much but detailed below:-

1 March 2012 - Statement regarding Rangers Football Club
Following a meeting yesterday with Rangers Football Club's (the "Club" or "Rangers") administrators Duff & Phelps, Ticketus would like to state its desire for a rapid and successful conclusion to the Club's administration process and confirm its willingness to enter into discussions with any serious potential bidders for the Club.
We met with the administrators yesterday to make it clear that we intend to be part of a solution for the Club, and to ensure a fast and fair resolution is achieved for all parties. We outlined that this includes working with potential purchasers to help provide various financing solutions to the Club that would be attractive to new owners.
Ticketus believes that the best outcome for Rangers, its fans, Ticketus and our investors is for the administration process to be concluded as soon as possible, with a purchaser found who is able to bring stability to the Club.
Ticketus has an obligation to its investors to pursue all avenues to ensure that the ticket purchase agreement it entered into with the Club is honoured, and we are committed to going to the lengths necessary to ensure that the future of the Club is preserved and its agreement with Ticketus fulfilled. We believe that our investors' interests are aligned to those looking to safeguard the Club's future.
We have already been in contact with a number of other key stakeholders, including potential bidders and fans' representatives, and believe working collaboratively with all parties to create a solution for the Club that puts it on a secure financial footing must be everyone's priority.
Ticketus looks forward to continuing to work with the administrators and serious potential bidders to secure a positive outcome for the Club.

[johnrebus]

This quote is hidden because you are ignoring this member. Show Quote

Ticketus released a fresh statement today. Doesn't say much but detailed below:-

1 March 2012 - Statement regarding Rangers Football Club
Following a meeting yesterday with Rangers Football Club's (the "Club" or "Rangers") administrators Duff & Phelps, Ticketus would like to state its desire for a rapid and successful conclusion to the Club's administration process and confirm its willingness to enter into discussions with any serious potential bidders for the Club.
We met with the administrators yesterday to make it clear that we intend to be part of a solution for the Club, and to ensure a fast and fair resolution is achieved for all parties. We outlined that this includes working with potential purchasers to help provide various financing solutions to the Club that would be attractive to new owners.
Ticketus believes that the best outcome for Rangers, its fans, Ticketus and our investors is for the administration process to be concluded as soon as possible, with a purchaser found who is able to bring stability to the Club.
Ticketus has an obligation to its investors to pursue all avenues to ensure that the ticket purchase agreement it entered into with the Club is honoured, and we are committed to going to the lengths necessary to ensure that the future of the Club is preserved and its agreement with Ticketus fulfilled. We believe that our investors' interests are aligned to those looking to safeguard the Club's future.
We have already been in contact with a number of other key stakeholders, including potential bidders and fans' representatives, and believe working collaboratively with all parties to create a solution for the Club that puts it on a secure financial footing must be everyone's priority.
Ticketus looks forward to continuing to work with the administrators and serious potential bidders to secure a positive outcome for the Club.

Hmmmmm.

In other words, 'we are sh*tting ourselves that we are about to kiss twenty four million quid goodbye'.

[ano hibby]

Could someone please remind me when we are expected to hear the outcome of the 'big tax case'. Ta

This presumably is the key to the timing of new owners, when the club comes out of admin etc..?

[johnrebus]

This quote is hidden because you are ignoring this member. Show Quote

Only as a surface analysis it looks like that, a proper root cause analysis would easily spot that the problem lies in the dwindling crowds of the SPL in it's entirety. A situation that has been pored over a hundred times on here but bullet point

• small and uncompetitive league
• uneven distribution of wealth
• 11 -1 voting system inhibiting fairness
• unwillingness of governing body to promote fairness and parity of all member clubs
• Pandering to TV companies re: scheduling, alienating fans

Just for starters, what I find incredible is media fuds bemoaning the state of the Scottish game and yet arguing for the status quo with regards to needing the huns, cause and effect IMO and I'm looking at you Traynor....twat.

Traynor has to toe this line because of his position with the Daily Record. Their circulation is going down faster than piss down a plughole, he can't afford to upset the blue nose half of Scotland.

I can understand his position, but IMHO he should not be fronting a BBC Radio programme, with such a biased viewpoint. Mind you, nobody on Sportsound has the bottle to stand up and say that it would be best for Rangers to go under, and I doubt that any potential caller to their phone in programmes with that view, get anywhere near airtime.

[ancienthibby]

Beeb Radio reporting that D&P have released a statement saying no announcement today on redundancies.

I guess the numbers still don't stack up?

[Andy74]

This quote is hidden because you are ignoring this member. Show Quote

Traynor has to toe this line because of his position with the Daily Record. Their circulation is going down faster than piss down a plughole, he can't afford to upset the blue nose half of Scotland.

I can understand his position, but IMHO he should not be fronting a BBC Radio programme, with such a biased viewpoint. Mind you, nobody on Sportsound has the bottle to stand up and say that it would be best for Rangers to go under, and I doubt that any potential caller to their phone in programmes with that view, get anywhere near airtime.

No surprise but the quality of debate in the media on this topic is awful.

The only line I've heard taken is that we would all miss the TV money. That's far too simplistic and ignores the fact that we have the TV money now and the league is a shambles.

I haven't seen any decent analysis done of how the fans of the other clubs would react and turn out to watch more meaningful games at the top end of the league and whether we would accept a slightly lower standard of player, if it came to it, to gain a more competitive and compelling league.

[Hibs Class]

This quote is hidden because you are ignoring this member. Show Quote

No, they're negotiating with McCoist in terms of who gets the heave.

It really makes you wonder who is running this administration. It's a financial decision, not a footballing decision. It's got sod all to do with Sally and the length of time it's taking to cut these costs raises questions about the competence, partiality and integrity of the administrators.

[bingo70]

This quote is hidden because you are ignoring this member. Show Quote

It really makes you wonder who is running this administration. It's a financial decision, not a footballing decision. It's got sod all to do with Sally and the length of time it's taking to cut these costs raises questions about the competence, partiality and integrity of the administrators.

Could they not argue that finishing second instead of third would mean so much difference in tv income and possible european income (if they come out of admin in time) then they need to decide how strong a squad they need to keep to ensure they finish second, they'll also need advice on what players are likely to be able to attract transfer income in the summer.

Don't disagree with you but i'm imagining thats the way they're looking at it

[Andy74]

This quote is hidden because you are ignoring this member. Show Quote

It really makes you wonder who is running this administration. It's a financial decision, not a footballing decision. It's got sod all to do with Sally and the length of time it's taking to cut these costs raises questions about the competence, partiality and integrity of the administrators.

You could argue with Rangers though that they still have a potential up side of keeping a team together in prize money and possibly European football depending on timings so may not be quite as simple as straight off cutting costs.

[Part/Time Supporter]

This quote is hidden because you are ignoring this member. Show Quote

It really makes you wonder who is running this administration. It's a financial decision, not a footballing decision. It's got sod all to do with Sally and the length of time it's taking to cut these costs raises questions about the competence, partiality and integrity of the administrators.

They need to get a certain wage figure, but there's different ways of doing it. You could have more redundancies and no wage cut, or less redundancies and a big wage cut.

[Sylar]

This quote is hidden because you are ignoring this member. Show Quote

Could they not argue that finishing second instead of third would mean so much difference in tv income and possible european income (if they come out of admin in time) then they need to decide how strong a squad they need to keep to ensure they finish second, they'll also need advice on what players are likely to be able to attract transfer income in the summer.

Don't disagree with you but i'm imagining thats the way they're looking at it

I'd imagine it's a bit of a balancing act between this and identifying the most sellable assets.

Rifling off the highest earners might earn them a "quick buck" but finishing as high up the league and securing as much prize money and potential revenue for the following season will be a long-term option for the administrators, surely?

[JeMeSouviens]

This quote is hidden because you are ignoring this member. Show Quote

Hmmmmm.

In other words, 'we are sh*tting ourselves that we are about to kiss twenty four million quid goodbye'.

... or alternatively ... "we are about to take possession of your ground and training park but don't want to seem like we didn't explore other possibilities first."

[EuanH78]

This quote is hidden because you are ignoring this member. Show Quote

It really makes you wonder who is running this administration. It's a financial decision, not a footballing decision. It's got sod all to do with Sally and the length of time it's taking to cut these costs raises questions about the competence, partiality and integrity of the administrators.

I'm with you on this, I see the arguements for but I dont see how they make any difference in the cold light of it. How Rangers fare in the league is uncertain and any attempts by the administrators to 'speculate to accumulate' raise some serious doubts IMO.

[Ozyhibby]

The investigation of third party contracts currently underway by the SFA means that rangers are unlikely to receive any prize money this year and will almost certainly face relegation.

[Andy74]

This quote is hidden because you are ignoring this member. Show Quote

The investigation of third party contracts currently underway by the SFA means that rangers are unlikely to receive any prize money this year and will almost certainly face relegation.

Must have missed this bit? What's this about?

[Hank Schrader]

This quote is hidden because you are ignoring this member. Show Quote

The investigation of third party contracts currently underway by the SFA means that rangers are unlikely to receive any prize money this year and will almost certainly face relegation.

Hunch or based on info you have?

[bingo70]

This quote is hidden because you are ignoring this member. Show Quote

Must have missed this bit? What's this about?

Think there's a thread about it on the PM board, was mentioned on the Jim Traynor phone in, if it's the same story I think they've basically been giving players two contracts and UEFA rules are quite strict on this.

if its a completely different story apologies for talking pish

[Ozyhibby]

This quote is hidden because you are ignoring this member. Show Quote

Must have missed this bit? What's this about?

Davis, Whittaker and mcgregor signed their new contracts with Wavetower plc which is against SFA and uefa rules.
While the SFA would normally find a way to let this slip as it's rangers uefa are watching the situation closely and recently threatened to ban Switzerland from international football for not dealing harshly enough with sion fc who were up to the same racket.
Spartans were kicked out of this years Scottish cup for failing to register a player properly, which gives an indication of the precedent set when it comes to contract irregularities.

[bingo70]

Chris McLaughlin has been posting on twitter about it again, apparently running cost till the end of the season are £10m and there's a £4.5m shortfall, will either be 8 redundancies with 50% pay cut across the board or no redundancies with a 75% pay cut across the board

[Andy74]

This quote is hidden because you are ignoring this member. Show Quote

Davis, Whittaker and mcgregor signed their new contracts with Wavetower plc which is against SFA and uefa rules.
While the SFA would normally find a way to let this slip as it's rangers uefa are watching the situation closely and recently threatened to ban Switzerland from international football for not dealing harshly enough with sion fc who were up to the same racket.
Spartans were kicked out of this years Scottish cup for failing to register a player properly, which gives an indication of the precedent set when it comes to contract irregularities.

I'm sorry to hear that.

[aljo7-0]

This quote is hidden because you are ignoring this member. Show Quote

I'm sorry to hear that.

999 - Fire brigade please - I'd like to report an underwear fire.

[ancienthibby]

This quote is hidden because you are ignoring this member. Show Quote

Davis, Whittaker and mcgregor signed their new contracts with Wavetower plc which is against SFA and uefa rules.
While the SFA would normally find a way to let this slip as it's rangers uefa are watching the situation closely and recently threatened to ban Switzerland from international football for not dealing harshly enough with sion fc who were up to the same racket.
Spartans were kicked out of this years Scottish cup for failing to register a player properly, which gives an indication of the precedent set when it comes to contract irregularities.

Now that would be quite something - if true!

Care to share your source/knowledge??

[Haymaker]

Every time I come on this thread something new has happened... i really cant keep up.

[EuanH78]

This quote is hidden because you are ignoring this member. Show Quote

Every time I come on this thread something new has happened... i really cant keep up.

When all this comes to some sort of end, this surely has to be a 'vault' thread

[Haymaker]

This quote is hidden because you are ignoring this member. Show Quote

When all this comes to some sort of end, this surely has to be a 'vault' thread

Without doubt.

[Hibs Class]

This quote is hidden because you are ignoring this member. Show Quote

They need to get a certain wage figure, but there's different ways of doing it. You could have more redundancies and no wage cut, or less redundancies and a big wage cut.

They need to cut costs to the maximum extent they can, especially if they are currently projecting a further shortfall of c.£4.5m over the remainder of this season. i.e. cutting costs is their priority and what that might do to their final league position or how upset it might make McCoist, or anything else, are all secondary considerations. Every day that they make no cuts is another day where they have lost more money which means less money available to their creditors. And another day of no doubt astronomical administrator fees.

[Seveno]

This quote is hidden because you are ignoring this member. Show Quote

They need to cut costs to the maximum extent they can, especially if they are currently projecting a further shortfall of c.£4.5m over the remainder of this season. i.e. cutting costs is their priority and what that might do to their final league position or how upset it might make McCoist, or anything else, are all secondary considerations. Every day that they make no cuts is another day where they have lost more money which means less money available to their creditors. And another day of no doubt astronomical administrator fees.

Presumably, creditors either have the right to sue them for not conducting the administration in correctly, or go to the courts to have them dismissed ?

[greenginger]

This quote is hidden because you are ignoring this member. Show Quote

Chris McLaughlin has been posting on twitter about it again, apparently running cost till the end of the season are £10m and there's a £4.5m shortfall, will either be 8 redundancies with 50% pay cut across the board or no redundancies with a 75% pay cut across the board

They are expecting an income of £5.5 million between now and the end of the season. Remaining home fixtures before the split are Hearts, Celtic and St Mirren, and two games after the split.

Even with TV rights and adds,sponsorship etc they are very optimistic or are they going to void the season tickets and assume that they will get a full house of paying customers ?

[StevieC]

This quote is hidden because you are ignoring this member. Show Quote

... or alternatively ... "we are about to take possession of your ground and training park but don't want to seem like we didn't explore other possibilities first."

I reckon it's the original theory .. Ticketus are seriously worried that liquidation means they can kiss goodbye to their £24m. It's in their best interest to keep the club alive, even if that means part funding a takeover bid that guarantees to keep the club out of liquidation.

[blindsummit]

This quote is hidden because you are ignoring this member. Show Quote

I reckon it's the original theory .. Ticketus are seriously worried that liquidation means they can kiss goodbye to their £24m. It's in their best interest to keep the club alive, even if that means part funding a takeover bid that guarantees to keep the club out of liquidation.

Why don't Ticketus just buy them? Then they would only owe the money to themselves, which seems to be a popular business model in certain parts